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Naira’s Free Fall Continues: CBN Adjusts Customs Duty Rate Amidst 12% Weekly Depreciation

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The Central Bank of Nigeria (CBN) has increased the Customs duty rate by 11.1% due to the naira’s devaluation against the US dollar. The new rate, ₦1,277.526/$, is up from the previous rate of ₦1,150.16/$, according to the Nigeria Customs Service’s official trade portal.

This adjustment reflects an 11.1% increase, resulting in an additional ₦127.366 per dollar required for goods clearance at the port. The naira’s depreciation persisted in the official market, closing at ₦1,309.88 to the dollar on Thursday, marking a 12% decline for the week on the Nigeria Autonomous Foreign Exchange Market (NAFEM).

Despite the depreciation, turnover has increased from $89 million to $110 million. However, the naira’s value continued to decline, closing weaker at ₦1,234.49 on Monday and further depreciating to ₦1,300.15 to the dollar on Tuesday.

On Wednesday, the naira closed at ₦1,308.52 to the dollar, with trades ranging between ₦1,367 and ₦1,098. The market turnover continued to rise, reaching $197.54 million.

On Thursday, the naira slightly depreciated to ₦1,309.88 to the dollar, with intra-day deals ranging between ₦1,439 and ₦1,000. Notably, the turnover experienced a significant increase to $318.08 million.

Traders have observed that the decline in the dollar’s value resulted from market forces, with demand consistently exceeding supply. The CBN sold dollars to Bureau de Change operators on Monday, leading to importers needing a higher amount of money to cover import duties compared to those who completed Form M earlier in the week.

Yahaya Bello Responds to EFCC’s Allegations on $720k School Fees Payment

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Former Kogi State governor, Yahaya Bello, has released a statement to clarify what he deemed misleading regarding allegations surrounding the payment of school fees for his children.

The controversy began on Tuesday, April 23, 2024, when the chairman of the Economic Financial Crime Commission, Mr. Olanipekun Olukoyede alleged during a media briefing that Bello withdrew funds from the Kogi State Government account to pay his children’s school fees, just before leaving office.

In response to the accusations, the embattled former governor released a statement signed by Ohiare Michael, which included several crucial details to set the record straight. The statement titled “Payment for school fees: Setting the records straight”, partly read:“His Excellency, Yahaya Bello’s children have attended the American International School, Abuja well before he became Governor and he has paid fees for his children as and when due and without fail.”

“His Excellency, Alhaji Yahaya Bello did not pay the sum of USD720,000 as alleged by the EFCC Chairman or USD840,000 as is being bandied about on the internet.”“The payment of the fees was not effected at about the time his Excellency was to leave office as claimed by Mr. Olukoyede but same commenced in 2021.”

“Alhaji Yahaya Bello DID NOT pay the fees of his Children with monies from the Coffers of the Kogi State Government.”

“When the EFCC approached the American International School Abuja (AISA) to illegally recover funds legitimately paid by Alhaji Yahaya Bello and other family members, a member of the family challenged the EFCC’s unlawful acts to recover funds legitimately paid.”

The statement also referenced a court case, Suit No. FCT/HC/2574/2023, where the FCT High Court ruled in favor of Bello, stating that AISA could not lawfully and unilaterally refund fees paid by the parties to the suit.

The statement concluded: “From the foregoing, it is clear that no money belonging to Alhaji Yahaya Bello or his family members with regard to school fees has been recovered by the EFCC… We state that the payment of these fees and the legitimacy thereof is the subject matter of Charge No. FHC/CR/573/2022, filed by the EFCC since 15th December 2022 at the Federal High Court, Abuja. The Charge is pending and the Court has yet to make any finding or convicted anyone in respect of the said sum.”

EFCC Asked to Provide Banking Details As American School Sets to Refund Yahaya Bello’s Children’s School Fees

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The American International School of Abuja (AISA) has requested that the Economic and Financial Crimes Commission (EFCC) provide authentic banking details to refund fees paid for the children of Yahaya Bello, the immediate-past governor of Kogi state. The children, in grade levels 2 to 8, have had their tuition paid in advance since September 7, 2021.

In a letter to the Lagos zonal commander of the EFCC, the school stated that a total of $845,852 has been paid in tuition and other fees. However, after deducting educational services already rendered, the refund amount is $760,910. The school has requested an official written request with authentic banking details from the EFCC to facilitate the refund.

The school’s letter reads, “Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.”

AISA has also stated that it will draw the attention of the anti-graft agency if there are any further deposits by the Bello family. According to a statement signed by Greg Hughes, Ali Bello contacted the school on August 13, 2021, requesting to pay the family’s school fees in advance until the students graduate from high school.

This development comes after EFCC operatives attempted to arrest Yahaya Bello on April 17 over an alleged N80.2 billion fraud. The EFCC has since declared Bello wanted, and the NIS has placed him on a watchlist. The Chairman of the EFCC, Ola Olukoyede, said that Yahaya Bello transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.

Tinubu Appoints Jim Ovia to Head Nigerian Education Loan Fund

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President Bola Tinubu has appointed renowned banker and businessman, Jim Ovia, as the Chairman of the Nigerian Education Loan Fund (NELFUND).

The loan fund aims to ensure that no Nigerian student is denied higher education due to financial constraints.

In a statement released by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the President expressed his confidence in Ovia’s ability to bring his wealth of experience and professional stature to this role. Ovia’s task is to ensure that all Nigerian youths have access to higher education and skills development, regardless of their background.

Ovia, founder of one of Nigeria’s leading banks, is a respected business leader with a track record of empowering young Nigerians. He holds a Master’s in Business Administration from the University of Louisiana and is an alumnus of Harvard Business School.

The National Student Loan Programme is a vital intervention aimed at guaranteeing sustainable higher education and functional skill development for all Nigerian students and youths. The Nigerian Education Loan Fund, the implementing institution, requires excellence and top-notch professionals to guide and manage its operations.

President Tinubu signed the National Students Loan Amendment bill into law on April 3, following the initial signing of the student loan bill in June 2023. The amended bill aims to offer financial assistance to Nigerian students in tertiary institutions, ensuring that no one is excluded from quality education and opportunities due to financial constraints.

Speaking after signing the amended bill, President Tinubu emphasized that education is important in fighting poverty and ensuring that all Nigerian citizens have access to quality education and skills development.

85 Terrorists Killed as Boko Haram and ISWAP Clash in Borno State

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A recent surge in clashes between Boko Haram and the Islamic State of the West African Province (ISWAP) in Borno State has resulted in the deaths of at least 85 terrorists.

According to Zagazola Makama, a counter-insurgency expert and security analyst in the Lake Chad region, the intense clashes occurred between April 24 and 25, 2024.

Makama reported that ISWAP mobilized its fighters to reinforce its positions in Tumbum Allura, which was recently recaptured from Boko Haram. The group also moved fighters from Sabon Tumbu and Kirta Wulgo towards Tumbum Allura, Daban Wanzam, and Abuja Ruwa, armed with over 30 boxes of ammunition and weapons.

The clashes resumed when ISWAP launched another attack on Boko Haram at Tudun Shawakki, Tumbum Bakwarram, Mallam Basiru, and Kwaleram, killing several fighters. On April 25, ISWAP attacked Boko Haram positions in Kandahar and Tumbum Ali Island in Marte LGA, engaging in a fierce gun battle from 1 am to 5 am on April 26.

According to Makama, ISWAP gained the upper hand, killing over 70 Boko Haram fighters and capturing several others alive, along with their weapons. The security expert believes that the ongoing clashes between the two rival groups provide an opportunity for government security forces to launch a decisive blow and eliminate the terror threat in the Lake Chad Basin.

The incessant clashes have also led to the dislodgement of Boko Haram from several islands previously seized from ISWAP. Makama suggested that security forces seize this momentum to exterminate the two groups and restore peace to the region.

Multichoice Hikes Subscription Prices On DSTV, GOTV

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On Wednesday, Multichoice Nigeria revealed an additional hike in the cost of the DStv and GOtv bundles. The corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

In the new price list for DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

“We understand the impact this change may have on you – our valued customer,” Multichoice said.Multichoice said the rise in the cost of business operations has, however, led it to make the decision. The cable TV added that it remains committed to providing the best entertainment and viewing experience for subscribers.

Multichoice announced price increases on the DStv and GOtv packages three times in 2023 with the last one taking effect on November 6. This is coming at a time when Nigerians continue to battle the effect of fuel subsidy removal and spiking cost of living on food, transportation prices, and other essential commodities.

Tinubu Unveils Consumer Credit Scheme to Help Working Nigerians Afford Houses, Cars

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President Bola Tinubu has launched the first phase of the Consumer Credit Scheme, aimed at enabling working Nigerians to purchase houses and cars. This initiative seeks to improve citizens’ quality of life by allowing them to access essential goods and services upfront, with responsible repayment plans.

According to the special adviser, media and publicity, Ajuri Ngelale, the scheme facilitates important purchases like homes, vehicles, education, and healthcare, which are essential for stability and pursuing aspirations.

Through responsible repayment, individuals will be able to build credit histories, unlocking more opportunities for a better life. In addition, the increased demand for goods and services stimulates local industry and job creation.

Ngelale said the presidency believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a role in achieving this vision.

To expand consumer credit access, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving the consumer credit.

He added that Working Nigerians interested in receiving consumer credit can visit CREDICORP’s website to express interest before the deadline date of May 15, 2024. The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.

CREDICORP’s objectives include strengthening Nigeria’s credit reporting systems, offering credit guarantees and wholesale lending to financial institutions, and promoting responsible consumer credit as a pathway to an improved quality of life. The initiative also aims to foster a cultural shift towards growth and financial responsibility.

Bayelsa Deputy Governor, Ewhrudjakpo to Oversee Ondo PDP Gov’ship Primary Election

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The Peoples Democratic Party (PDP) has appointed Bayelsa Deputy Governor, Lawrence Ewhrudjakpo, as the chairman of the electoral committee for the Ondo State governorship primary election.

The election, scheduled for Thursday, April 26, is a crucial step in the party’s quest to elect a candidate for the upcoming governorship election in the state. With the appointment of Deputy Governor Ewhrudjakpo as the chairman of the electoral committee, the PDP aims to ensure a transparent and credible election process.

According to a statement released by the PDP National Secretariat, the electoral committee is tasked with the responsibility of conducting a free, fair, and credible primary election in Ondo State. The committee is also expected to ensure that all aspirants are given a level playing field to contest the election.

Deputy Governor Ewhrudjakpo, a seasoned politician and experienced administrator, is expected to bring his expertise and knowledge of the political terrain to bear on the electoral process. His appointment has been widely welcomed by party members and stakeholders in Ondo State, who expressed confidence in his ability to deliver a credible and acceptable primary election.

The Ondo State governorship election is scheduled to take place later this year, and the PDP is one of the major political parties contesting the election. The party has been working to ensure a united front and a credible candidate to challenge other political parties in the election.

With the appointment of Deputy Governor Ewhrudjakpo as the chairman of the electoral committee, the PDP has demonstrated its commitment to internal democracy and a determination to ensure a free and fair election in Ondo State.

NBC Mulls Review of 2.5% Revenue Remittance on Broadcast Stations Amid Economic Challenges

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The National Broadcasting Commission (NBC) has announced its intention to review the 2.5% gross revenue remittance imposed on broadcast stations in Nigeria. This decision comes as the commission seeks to address emerging economic challenges in the country.

According to the newly appointed Director General, Charles Ebuebu, the NBC management will conduct a comprehensive review of the NBC code to ensure it aligns with the current economic landscape. Ebuebu emphasized the commission’s commitment to the welfare and interests of all broadcast stations in Nigeria.

During a meeting with key stakeholders, Ebuebu expressed concerns about a recent court ruling that halted the NBC’s ability to impose sanctions and fines on broadcast stations. He described the ruling as an anomaly and stated that the commission is appealing the decision.

Despite this setback, the NBC remains steadfast in its mandate to regulate the broadcasting industry. Ebuebu outlined his administration’s core values, including the formulation of comprehensive policies that support the growth of broadcast stations and promote communication and dialogue.

In January, a Federal High Court ruling nullified the NBC’s power to impose fines on broadcast stations for alleged breaches of the Nigeria Broadcasting Code. The court declared that the NBC, as a regulatory body, cannot exercise judicial powers. The NBC has since appealed the judgment at the Court of Appeal.

By reviewing the 2.5% revenue remittance, the NBC aims to find a more sustainable solution that benefits both the commission and broadcast stations, ultimately supporting the growth of the broadcasting industry in Nigeria.

15 District Heads Sacked for Aiding Insecurity, Land Racketeering As Sokoto Gov. Cracks Down on Corruption

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In a bold move to tackle corruption and insecurity, Sokoto State Governor Ahmad Aliyu has removed 15 traditional rulers from their positions. The decision came after a committee investigation found them guilty of various offenses, including insubordination, aiding banditry, land racketeering, and converting public property for private use.

The affected district heads include those from Ungwan Lalle, Yabo, Giyawa, Dogon Daji, Wamakko, Tulluwa, Illela, Kebbe, and Alkammu. Additionally, six district heads were dropped due to irregularities in their appointment processes. These include the district heads of Tambuwal, Tangaza, Gongonno, Yar Tsakuwa, Kalambaina, and Toronkawa.

The governor also approved continued investigations into allegations against the district heads of Isa, Kuchi Kilgori, and Gagi. Furthermore, the district heads of Binji and Sabon Birni were transferred to Bumkari and Gatawa, respectively.

In a show of mercy, seven traditional rulers were retained, and two others were reinstated to their former positions. The Sokoto State Sultanate Council, which oversees traditional and religious affairs in the districts, has a total of 86 district heads and other title holders.

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